How blockchain is helping the gambling industry grow – Fairspin case study

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People have always gambled: in primitive caves by the light of a campfire, watching the shadows flicker on the walls; in marketplaces, where the crowd of onlookers shouts slogans; on interstate ferries, where people drinking illicit drinks can escape the wrath of the authorities; in the office during their lunch break, selecting a lottery on their smartphone screen, and placing their bet.

Really easy and simple access to almost all gambling has been made possible with the advent of the internet and the World Wide Web. Now you don’t have to go to a special establishment or search for a betting shop to risk your money, try your luck and try your luck – just open your browser and follow the link.

Online casinos and gambling sites kazino online Lithuania offer their users all kinds of gambling games: roulette, card games, betting on sports matches and other events, lotteries and many more. Online gambling is evolving dynamically: revenues and player numbers are increasing, new companies are entering the market, classic casinos are moving towards remote services, and the emergence and spread of technology among consumers is also driving the gambling industry.

However, this does not mean that online gambling is completely problem-free and does not cause problems. One of the main problems is legal restrictions. Different countries have different approaches to the regulation of gambling and in particular online gambling: some countries have simple and relatively easy licensing procedures, while others prohibit the registration of online casinos. The cross-border nature of the global network is beneficial for entrepreneurs, who can easily offer gambling services to consumers worldwide once they have obtained a license in one of their loyal jurisdictions.

Another problem is the control by payment systems and banks over the movement of user funds. As online gambling is unthinkable without online payments, in countries where gambling legislation is quite strict, players may face obstacles due to anti-fraud and anti-money laundering systems analyzing the content and direction of transfers.

Advantages and disadvantages of online casinos

Online gambling has definite advantages:

  • ease of user access to the games;
  • lower start-up costs for entrepreneurs;
  • more variety of games and services on one site;
  • no limit to the number of people playing at the same time;
  • the process of betting and winning is simpler.

However, online gambling is not without its disadvantages:

  • The lack of a specially Homelockssmith designed gambling hall atmosphere by traditional casino owners;
  • No contact with other players and gambling establishment staff, which is essential for many users;
  • Players’ distrust (often unfounded) of online casinos’ algorithms and suspicions of foul play;
  • potential difficulties in using bank accounts to pay for games;
  • frequent transfers to, from and from the wallet or account of gambling sites (for users) may incur additional and very high fees.

Blockchain in online casinos

The use of blockchain and cryptocurrency technology in online gambling can mitigate some of the negative effects, and many online casinos, for example, rely heavily on blockchain implementations. For example, cryptocurrency transfers are generally not subject to the scrutiny of the security services of financial and credit institutions, and are therefore at less risk of arousing suspicion and subsequent blocking.

A blockchain-based betting and payout system can make the entire process of moving money around a casino transparent and remove any doubt on the part of users as to whether the money is guaranteed to be transferred or whether it is going to its intended destination.

Unlike traditional means of payment, for Enewsworlds cryptocurrencies, national borders and the geographical location of the counterparties are largely irrelevant. This means that online casinos can use fully transparent and unambiguous fees and commissions that will not change and will not surprise users when making a payment.

The use of smart contracts for monetary transactions can enrich the functionality of a gambling establishment and make it even more transparent if any user can check all the conditions and algorithms.

The latter could also potentially Businessnows remove one of the main obstacles of the online gambling industry, namely the distrust of users of software running on servers somewhere far away, which is under the full control of its owners and which allows them to tip the balance in their favor at the click of the mouse. Many online casinos operate in this way and players have no means of checking it.

Applying all the advantages of decentralized and cryptographic technologies, it would be possible to create a gambling service that could not be trusted at all. Fortunately, there is no need for reinvention: cryptocurrencies, blockchains, smart contract platforms and DAOs exist, are highly functional and open businessworld247 to all comers.

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